NEW YORK, April 6, 2019 (BSS/AFP) – Wall Street stocks concluded another
solid week on a positive note on Friday after the March US jobs report showed
steady employment growth.
The Dow Jones Industrial Average finished at 26,424.99, up 0.2 percent.
The broad-based S&P 500 advanced 0.5 percent to 2,892.74, while the tech-
rich Nasdaq Composite Index gained 0.6 percent to 7,938.69.
All three indices are at peaks for 2019.
The Labor Department reported that the US added 196,000 net new positions
last month, well above expectations, while the jobless rate held steady at
3.8 percent.
Analysts viewed the report as highly favorable to stocks because it
lessened fears of a profound economic slowdown. At the same time, wage
inflation moderated, reducing the chances the Federal Reserve will shift to a
more hawkish posture.
“The jobs report was just perfect for equities,” said LBBW’s Karl Haeling.
The S&P 500 closed the week with a gain of 2.1 percent, lifting its total
advance in 2019 to 15.4 percent.
Stocks have risen steadily throughout the year on optimism over US-China
trade talks and the Fed’s dovish tilt. On Friday, President Donald Trump
reiterated a call for the Fed to cut interest rates.
Analysts are looking ahead to first-quarter earnings reporting season,
which kicks off next week.
Among individual stocks, Tesla Motors advanced 2.7 percent, winning back
some of Thursday’s 8.2 percent drop following weak first-quarter auto
deliveries.
Tesla’s advance came after a federal judge on Thursday directed the
company’s chief executive, Elon Musk, to meet with officials from the
Securities and Exchange Commission after the agency asked the court to find
Musk in contempt for allegedly flouting a settlement with the agency.
Dow fell 4.1 percent after JPMorgan Chase initiated coverage of the
chemical company with an “underweight” recommendation and predicted earnings
would be hurt by pricing pressure on key products.